FirstCaribbean International Bank Limited announced Oct. 3 that it has entered into an agreement to acquire all of the issued and outstanding shares in CIBC Bank and Trust Company (Cayman) Limited, a Cayman Islands Company and CIBC Trust Company (Bahamas) Limited.

The agreement with its majority shareholder, CIBC Investments (Cayman) Limited, has a purchase price of $76.8 million, but it is subject to regulatory approvals.

FirstCaribbean will issue 51,917,808 common shares in its capital as payment of the purchase price. CIBC Investments (Cayman) Limited will at the conclusion of the transaction own 1,445,725,257 or 91.67 percent (91.39 percent prior to the transaction) of the shares of FirstCaribbean.

The two acquired companies provide trust and fund administration services business in the Caribbean to private wealth management clients and institutional investors.

“These businesses are a wonderful addition to the FirstCaribbean group,” said FirstCaribbean CEO Rik Parkhill.

CEO of the two companies, Ben Gillooly, said “It is great to become part of the FirstCaribbean family. We will be able to leverage FirstCaribbean’s diverse footprint in the Caribbean Region to deliver our products and services to Wealth and Institutional Customers.”

Chairman of FirstCaribbean, Michael Mansoor, said “This acquisition by FirstCaribbean at this time speaks to the confidence we place in our wealth segment to leverage the expertise and product offerings of our parent Canadian Imperial Bank of Commerce and become the market leading wealth services provider in this region.”